Press release
Wheel Hub Assembly Market Growth Accelerates: Strategic Forecast Predicts $9.1 Billion by 2029
Wheel Hub Assembly Market
What Will the Wheel Hub Assembly Industry Market Size Be by 2025?
In recent years, the market size for the wheel hub assembly has seen a commendable expansion. The market, which is anticipated to surge from $5.53 billion in 2024, is projected to reach $6.19 billion in 2025, reflecting a compound annual growth rate (CAGR) of 12.0%. The historic period's growth is ascribed to multiple factors such as, the expansion of the automotive industry, safety measures and regulations, the globalization of supply chains, preferences and trends among consumers, along with the demand for maintenance and replacements.
What's the Long-Term Growth Forecast for the Wheel Hub Assembly Market Size Through 2029?
Expectations point to the wheel hub assembly market experiencing a swift expansion in the upcoming years, with predictions aiming at a hefty growth to a $9.1 billion value by 2029. This comes with a compound annual growth rate (CAGR) of 10.1%. The projected uptick for this period is linked with the switch to electric vehicles, technological advancements in materials and manufacturing techniques, the emergence of autonomous vehicles, environmental regulations and the boom of e-commerce within the automotive aftermarket. The trending themes during this forecast period encompass urbanization and mobility solutions, interconnected vehicle technologies, technical innovation, the demand for lightweight materials, and a pronounced focus on sustainability.
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What Are the Key Growth Drivers Fueling the Wheel Hub Assembly Market Expansion?
The continuous expansion of the automotive industry is predicted to fuel the growth of the wheel hub assembly market in the future. The term "automotive industry" refers to the sector engaged in the creation, production, promotion, and sale of motor vehicles, including cars, trucks, motorcycles, and other types of vehicles. The wheel hub assembly, a key component in automotive manufacturing, offers numerous advantages, enhancing the safety, maneuverability, and overall performance of vehicles. For example, the European Automobile Manufacturers' Association (ACEA), a Belgium-based advocacy and standards organization for the automotive sector, reported robust growth in the EU car market of 13.9% in 2023, with sales numbering 867,052 units, a significant increase from the previous year. This dramatic increase resulted in a total annual volume of 10.5 million units. Several markets witnessed growth in double figures, including Italy (+18.9%), Spain (+16.7%), and France (+16.1%). Germany, however, showed a comparatively modest annual growth of 7.3%. Hence, the thriving automotive industry is one of the major drivers of the wheel hub assembly market's growth. Wheel Hub Assembly Market Driver: Escalating Road Accidents Necessitate Demand For Safety-Enhancing Wheel Hub Assemblies In The Automotive Industry
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What Are the Key Trends Driving Wheel Hub Assembly Market Growth?
Key players in the wheel hub assembly market are developing innovative products such as SKF Hybrid Deep Groove Ball Bearing to gain a competitive edge. These are specialized hybrid bearings that feature rings made from bearing steel and rolling components composed of bearing-grade silicon nitride (Si3N4). For example, in August 2022, AB SKF, a company based in Sweden that manufactures bearings and seals, introduced SKF Hybrid Deep Groove Ball Bearings. This new hybrid deep groove ball bearing is made for high-speed applications, specifically targeted at the rail industry's traction motors and electric appliances. This product incorporates a lightweight polymeric cage that enhances the limiting speed by at least 60% compared to conventional designs, minimizes friction for a quieter performance, and allows for a higher power density. Moreover, it reduces energy usage, boosts reliability, and cuts down the total operating cost of electric devices and drives by improving efficiency, extending the lifespan of the grease, and providing design flexibility.
How Is the Wheel Hub Assembly Market Segmented?
The wheel hub assembly market covered in this report is segmented -
1) By Bearing Type: Ball Bearings, Roller Bearings, Angular Contact Bearings
2) By Material: Aluminum Alloy, Carbon Steel, Stainless Steel
3) By Technology: Wheel Motor Hub Assembly, Sensor Embedded Wheel Hub Assembly, Splined Wheel Hub Assembly
4) By Sales Channel: Original Equipment Manufacturer (OEM), After market
5) By Application: Passenger Vehicle, Commercial Vehicle, Heavy-Duty Vehicle
Subsegments:
1) By Ball Bearings: Single-Row Ball Bearings, Double-Row Ball Bearings
2) By Roller Bearings: Cylindrical Roller Bearings, Tapered Roller Bearings, Spherical Roller Bearings
3) By Angular Contact Bearings: Single-Row Angular Contact Bearings, Double-Row Angular Contact Bearings
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Which Companies Are Leading the Charge in Wheel Hub Assembly Market Innovation?
Major companies operating in the wheel hub assembly market report are Compagnie de Saint-Gobain S.A., Aisin Seiki Co. Ltd., Schaeffler Technologies AG & Co. KG, AB SKF, NSK Ltd., Federal-Mogul Corporation, GKN Automotive, HL Mando Corporation, The Timken Company, JTEKT Corporation, Nachi-Fujikoshi Corp., Wafangdian Bearing Group Co. Ltd., ILJIN Holdings Co. Ltd., RBC Bearings Incorporated, Maxion Wheels U.S.A. LLC, NTN Corporation, GMB Corporation, Xiangyang Automobile Bearing Co. Ltd., Barden Corporation, Nachi America Inc., Mevotech LP, Jiangsu Nanfang Bearing Co. Ltd., Fersa Bearings S.A., Wanxiang Group Corporation, C&U Company Limited
Which Regions Are Leading the Global Wheel Hub Assembly Market in Revenue?
Asia-Pacific was the largest region in the wheel hub assembly market in 2024. The regions covered in the wheel hub assembly market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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